KBC Group NV Invests $357,000 in PTC Inc (PTC)
KBC Group NV bought a new position in PTC Inc (NASDAQ:PTC) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,342 shares of the technology company’s stock, valued at approximately $357,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tributary Capital Management LLC purchased a new position in PTC in the third quarter worth about $109,000. Stephens Inc. AR purchased a new position in PTC in the second quarter worth about $126,000. US Bancorp DE boosted its position in PTC by 56.2% in the second quarter. US Bancorp DE now owns 2,604 shares of the technology company’s stock worth $144,000 after purchasing an additional 937 shares during the last quarter. Advisor Group Inc. boosted its position in PTC by 7.4% in the second quarter. Advisor Group Inc. now owns 2,711 shares of the technology company’s stock worth $150,000 after purchasing an additional 186 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in PTC by 85.5% in the second quarter. PNC Financial Services Group Inc. now owns 3,013 shares of the technology company’s stock worth $165,000 after purchasing an additional 1,389 shares during the last quarter. 97.99% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Anthony Dibona sold 4,920 shares of the business’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $64.58, for a total transaction of $317,733.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James E. Heppelmann sold 25,000 shares of the business’s stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $64.58, for a total value of $1,614,500.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 55,924 shares of company stock valued at $3,627,304. Company insiders own 1.11% of the company’s stock.
PTC (NASDAQ:PTC) last released its quarterly earnings data on Wednesday, October 25th. The technology company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by ($0.02). PTC had a return on equity of 8.08% and a net margin of 0.54%. The firm had revenue of $306.38 million during the quarter, compared to the consensus estimate of $306.59 million. During the same period in the previous year, the firm earned $0.20 EPS. The business’s revenue was up 6.3% compared to the same quarter last year. sell-side analysts expect that PTC Inc will post 0.81 earnings per share for the current year.
PTC declared that its board has initiated a share buyback plan on Tuesday, September 19th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to buy up to 7.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Several research analysts have recently commented on the company. J P Morgan Chase & Co downgraded PTC from an “overweight” rating to a “neutral” rating and set a $68.00 price objective on the stock. in a research note on Tuesday, December 12th. BidaskClub downgraded PTC from a “buy” rating to a “hold” rating in a research note on Thursday, December 7th. Wedbush reaffirmed an “outperform” rating and issued a $69.00 price objective on shares of PTC in a research note on Tuesday, November 14th. Bank of America began coverage on PTC in a research note on Monday, November 6th. They issued an “underperform” rating and a $60.00 price objective on the stock. Finally, Royal Bank of Canada reissued a “buy” rating and set a $74.00 target price on shares of PTC in a research note on Friday, October 27th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $66.13.
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PTC Inc is a global computer software and services company. The Company offers a portfolio of computer-aided design (CAD) modeling, product lifecycle management (PLM) and service lifecycle management (SLM) solutions for manufacturers to create, operate, and service products. It offers a suite of Internet of Things (IoT) solutions that enables its customers to connect, manage and analyze data, and create applications.
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